Turkey's BDDK banking watchdog revoked the operating license of Iranian lender Mellat Bank's branch in Istanbul, according to a notice published in the Official Gazette on Saturday, as the US presses other countries to increase economic pressure on Tehran.
"It has been decided to revoke the operating license of Bank Mellat, Head Office in Tehran, Istanbul Turkey Central Branch," the notice said, without citing the US measures or any operational issues.
It said the decision was taken under a clause of Turkey's banking law, which allows a bank's license to be revoked or withdrawn if its continued operation is deemed to pose a risk to depositors' rights or the security and stability of the financial system.
Earlier this month, the US Treasury Department imposed sanctions on a small Turkish investment bank and two subsidiaries. The Treasury also said Turkey and Oman had decided to stop flights by Iranian airline Mahan Air to their countries as a result of discussions held with both countries on complying with US measures against Iran.
This is a developing story.
